Raymond James snatches 2 bank programs from Invest

Athens Federal Community Bank and Androscoggin Bank have selected Raymond James as their new third-party broker dealer.

Both Athens Federal, which operates in eastern Tennessee, and Androscoggin, which operates in Maine, are looking to expand their wealth management programs, Raymond James said in an announcement on Wednesday.

Athens Federal's 26-year-old investment services program has two advisers who jointly manage $141 million in client assets. One of the advisers also serves as the program manager.

Androscoggin's eight-year-old program, in contrast, employs two advisers and a program manager who collectively manage $60 million in client assets.

Both previously used Invest Financial and Pershing for the third-party brokerage services they required.

"We're pleased that both Athens Federal Community Bank and Androscoggin Bank discovered how beneficial Raymond James' depth of resources and support can be as they grow their programs and expand their client bases," Tim Killgoar, head of Raymond James' Financial Institutions Division, said in a statement.